Glossary

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Agency
Agency is the relationship between a real estate agent and a buyer or seller. This relationship is created when a written contract is drawn up between the parties. Once the contract is complete, the real estate agent has the authority to act for the buyer or seller in matters related to real estate transactions. As part of the agency relationship, the real estate agent owes the buyer or seller a fiduciary duty to put their needs before his or her own personal interests. An example of this would be when a seller decides to sell his home. He contacts ABC Brokerage and is connected with a real estate agent. The seller enters into a listing agreement with the brokerage and designates the real estate agent as his agent. Agency is created between the real estate agent and the seller; it is also created between the brokerage and the seller.